Mountains in Trinidad and Tobago

Trinidad and Tobago Economy

Trinidad and Tobago's economy in numbers:

Nominal GDP of USD 27.9 billion in 2022.

GDP per capita of USD 19,731 compared to the global average of USD 10,589.

Average real GDP growth of 0.6% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2020, services accounted for 65% of overall GDP, manufacturing 16%, other industrial activity 18%, and agriculture 1%. Looking at GDP by expenditure, private consumption accounted for % of GDP in 2016, government consumption 17%, fixed investment 9%, and net exports 74%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 69% of total merchandise exports, mineral fuels 24%, food 6%, ores and metals 1% and agricultural raw materials 0%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 71% of total merchandise imports, mineral fuels 1%, food 18%, ores and metals 10% and agricultural raw materials 1%, with other goods accounting for -1% of the total. Total exports were worth USD 17 billion in 2022, while total imports were USD 8 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded an average annual decrease of 0.6% in the decade to 2022. To read more about GDP growth in Trinidad and Tobago, go to our dedicated page.

Fiscal policy:

Trinidad and Tobago's fiscal deficit averaged 6.0% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 4.4% in the decade to 2022. For more information on Trinidad and Tobago's unemployment click here.

Inflation:

Inflation averaged 3.7% in the decade to 2022. Go to our Trinidad and Tobago inflation page for extra insight.

Monetary Policy:

Trinidad and Tobago's monetary policy rate ended 2022 at 3.50%, up from 2.75% a decade earlier. See our Trinidad and Tobago monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the Trinidad and Tobago dollar weakened by 5.9% vs the U.S. dollar. For more info on the Trinidad and Tobago dollar, click here.
2023 likely saw GDP growth ease from 2022’s post-pandemic rebound. Economic activity rose less year on year in H1 than in H1 2022. In addition, the recovery of the tourism sector slowed tangibly: Tourist arrivals rose slightly over 30% in 2023 as a whole, down from 2022’s 453% rise, partially on a strong base effect. Available data suggests the energy sector also struggled last year: Oil production contracted more sharply in January–September than in 2022, and LNG output swung into contraction on average in January–November. More positively, a falling unemployment rate through Q3, resilient credit growth until November and cooling inflation through December should have supported domestic demand. In other news, the country began talks with European countries in January to supply LNG produced from Venezuelan gas, which should help diversify export markets and boost revenues.
Projections out to 2033.

34 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 9 expert analysts.

Want to get insight on the economic outlook for Trinidad and Tobago in the coming years? FocusEconomics collects projections out to 2033 on 34 economic indicators for Trinidad and Tobago from a panel of 9 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Trinidad and Tobago economy. To download a sample report on the Trinidad and Tobago's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Trinidad and Tobago Economic Data

2018 2019 2020 2021 2022
Population (million) 1.4 1.4 1.4 1.4 1.4
GDP (USD bn) 24.6 23.8 20.8 24.5 30.1
GDP per capita (USD) 17,676 17,044 14,873 17,410 21,254
GDP (TTD bn) 166 161 140 166 203
Economic Growth (Nominal GDP, ann. var. %) 2.1 -3.5 -12.5 17.9 22.6
Economic Growth (GDP, ann. var. %) -1.3 0.7 -9.6 -1.6 3.4
Unemployment (% of active population, aop) 3.9 4.3 5.7 5.4 4.9
Fiscal Balance (% of GDP) -5.9 -3.8 -12.2 -8.5 0.3
Public Debt (% of GDP) 41.5 46.4 62.3 61.6 51.0
Money (ann. var. of M2 %) 3.1 0.1 10.9 -0.1 2.1
Inflation (CPI, ann. var. %, eop) 1.0 0.4 0.8 3.5 8.7
Inflation (CPI, ann. var. %, aop) 1.0 1.0 0.6 2.1 5.8
Repo Rate (%, eop) 5.00 5.00 3.50 3.50 3.50
Exchange Rate (TTD per USD, eop) 6.78 6.77 6.75 6.77 6.76
Exchange Rate (TTD per USD, aop) 6.76 6.76 6.75 6.76 6.75
Current Account Balance (USD bn) 1.6 1.0 -1.4 2.7 5.4
Current Account Balance (% of GDP) 6.6 4.3 -6.5 11.0 17.9
Merchandise Trade Balance (USD bn) 4.1 2.7 1.0 4.7 9.2
Merchandise Exports (USD bn) 10.8 8.8 6.0 11.1 16.7
Merchandise Imports (USD bn) 6.6 6.0 5.0 6.4 7.5
Merchandise Exports (ann. var. %) 11.5 -18.5 -31.5 84.6 50.6
Merchandise Imports (ann. var. %) 2.6 -8.8 -16.8 26.9 17.8
Foreign Direct Investment (USD bn) -0.7 0.2 1.1 -1.0 -0.5
International Reserves (USD bn) 7.5 6.8 6.8 6.8 6.7
International Reserves (months of imports) 13.6 13.6 16.4 12.8 10.7

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